Pompey are trying to slash their wage bill, a process that is being held up by Mokoena apparently demanding more than £600,000 (+/-R7.8-million) compensation for the final 12 months of his contract.
The 31-year-old has been linked with a move to Wits, but that cannot go through until the stalemate between club and player ends.
Portsmouth's administrator Trevor Birch has reportedly tabled a deal that includes money owed to Mokoena from his time at Fratton Park, money that the former club captain is entitled to and would be paid back over a period of time.
But Mokoena also wants to be compensated for the full remainder of his contract – now around £10,000-a-week after a relegation clause reduced his wage.
Birch is adamant the club cannot meet such demands.
Tal Ben Haim and Kanu are in a similar situation.
Birch tells Portsmouth.co.uk that unless the players accept a compromise the club will go into liquidation.
"The ball is in his court. We have put an offer to him and at the minute they are saying 'no'," Birch says.
"If all of the players are going to take that view then this club is going to be liquidated, it's as simple as that. Both Portpin and the Trust have conditions that they won't buy the club unless the wage bill is reduced. So when will these players finally realise this is all we have got to play with at the minute?
"Mokoena has got a club right there but until he gets the deal he wants he won’t go.
"He is effectively getting nothing in terms of wages in South Africa, so he is hoping to get a pay-out to supplement that."
The club's £9.5-million wage bill has to be reduced to less than £5-million.